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Ameritrade, TD Waterhouse In Talks About A Possible Merger; Industry Is Consolidating Fast; E-Trade/TD almost merged last year; ET sought merger with Ameritrade last month.(INTERNET & TECHNOLOGY)
Byline: BRIAN DEAGON
Ameritrade and TD Waterhouse USA said Tuesday the two online stock-trading firms are discussing a "potential transaction" that analysts say could lead to a $2.5 billion-$4 billion merger.
Such speculation has hovered in the industry since last year, say analysts, when merger talks between E-Trade and TD Waterhouse collapsed over control issues.
Then, three weeks ago, E-Trade made a $6 billion offer to acquire Ameritrade. E-Trade made the offer in a letter to Ameritrade's board, but directors said the company wasn't for sale.
An E-Trade spokeswoman said the company had no comment on the Ameritrade/TD Waterhouse announcement or on whether it might make a counter offer. Shares of Ameritrade rose 3.3% to a more than one-year high of 14.86. Shares of E-Trade and TD Waterhouse's parent both rose more than 2%.
Industry leaders have been eyeing mergers as a way to fight intense price wars that have lowered the average cost of online trades to about $12 from $30 a few years ago.
That has cut profit margins and led companies to offer better services and unique products as a way to attract and retain customers.
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